Before going in with any compound on your paint, I would try Autoglym Super Resin Polish still using a machine on a low setting. You can get a great result with SRP alone, it is very good on oxidised red. You can wax over it.

Fatdazza, gonzo are right it's single stage paint with no clear coat, so what you have is basically dead skin if it has faded (oxidised) so you need to remove it by basically taking some MF cutting pads like the Meguairs ones and a cutting compound such D300, which is a great compound and begin to remove the dead paint, remember to clean them often because they will clog up very fast.

Once that is done then you can continue onto the polishing stage restoring the gloss back, but this time switch to foam polishing and finishing pads and polish, that's the proper way of doing it. Can be done by a 1 step polish and pads but you will need a lot of pads and it will take you longer. This video will help but read some of the comments as well.

I don't know very much yet, but I do know it has lacquer. I have a patch on the room where the lacquer is missing (Common fault on these cars).

I do have AGSRP which I have had applied before, but want to remove the swirls rather than hide this. Have Mag 205 and 10 (will start with 205 and use the 105 if required). Am currently sourcing a bonnet to have my first go on before moving to my company work van before the car